Sorry, I missed it, this happened not too long ago. Sure we have 6 distirbution days on Naz and S&P but they are at the tail end of the 25 trading day window and are about to drop off. We have had some nice up days recently.
From today:
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Volume fell on the Nasdaq and rose on the NYSE. As longtime readers of this column know, a rise in higher volume than the prior day is exactly the type of interaction you want to see in a bull market, just like when an ace card pops up next to a king in blackjack.
“Well, what about all of those distribution days?” you may ask. Indeed, the load of intense sell-offs in higher turnover remains heavy. Keep an eye on this count over the next week, as time could lead to the expiration of some of these distribution days.
At the same time, you never know when the institutional crowd is prone to sell shares and take profits en masse. The threat of a nuclear showdown in North Korea, continued bitterness in Congress, future natural disasters, and distractions that prevent President Trump from carrying forward his promise to cut taxes and boost the economy are still drags on the market.
With that in mind, the individual investor still maintains an edge by doing these four things: 1) watch the major indexes on a daily basis; 2) monitor the health of your individual stocks; 3) watch the behavior of new breakouts; 4) steadily raise cash by taking some profits on the way up, and quickly selling your weakest plays.
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Homebuilders, benefiting from still low interest rates and the opportunity to build new homes in disaster-hit areas, are quietly taking a leadership role as well. Indeed, reports of millennials wanting to move out to the suburbs would be a plus, as would be continued high rates of employment.
The leaders of the homebuilder group? D.R. Horton (DHI), based in Fort Worth, Texas; LGI Homes (LGIH), focused on the entry-level home; Miami-based giant Lennar (LEN); and luxury homebuilder NVR (NVR) of Virginia.